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SILICON VILLAGE

Thursday, September 21, 2017

Razorpay 2.0 to Double Merchant Count to 90,000 by 2018; Rolls Out New Products

With
an aim to revolutionize digital payments for businesses, Razorpay unveiled
its new avatar, Razorpay 2.0 and launched a gamut of new products and
payment solutions today. Having disrupted the payment gateway industry over the
last 2.5 years and being the first to support every new mode of payment for
businesses, the Company has successfully evolved as India’s first converged payments
solution company.

In
its new avataar, Razorpay 2.0 is effectively equipped to resolve all business problems
related to the payments ecosystem. Today, payment acceptance is not the
only problem. There are other big challenges, such as managing cash flows,
disbursement of money, automating NEFT and bank wires and collection of
scheduled payments among others. Only a
comprehensive and innovative solution built over robust technology will address
the entire length and breadth of the payment journey for any business.

The
event unveiled four new products, Razorpay
Route, Razorpay Smart Collect, Razorpay Subscriptions and Razorpay Invoices - all these will
solve for managing the entire money movement for India’s huge under-served
business community and embrace cash-rich traditional sectors such as Education,
Government, Insurance and new age e-commerce companies.

Says,
Harshil
Mathur, CEO and Co-Founder, Razorpay, “It’s an exciting evolution for us from being a pure payment acceptance
layer to a holistic and converged payments solution. We now manage the what,
when, where and how of payments, right from the moment a payment is initiated
to the point it is fully reconciled and disbursed to the final destination.”

“Throughout this evolution,
I believe what has helped us the most is being open to feedback from our
merchants, we like to keep them as our centre of commerce, and enable
convenience and ease. We aim to make payments accessible to any business with a
bank account and a phone number.”

In an exciting new journey to follow,
Razorpay is geared up to double its merchant count to 90,000 by the
end of next fiscal year. The company has clocked in a healthy growth
rate of 40-50% month-on-month and aims at impacting lives of 25 million
end consumers by 2020. Razorpay expects more than 10x growth in volume &
revenue by next fiscal year and predicts the newly launched
product suite to contribute 30% of its revenue.

Shashank
Kumar, CTO and Co-Founder, Razorpay shares how technology has
been Razorpay’s key differentiator from day one. He says, “We are looking to solve all pain points related to the flow of money
for businesses in India. We aim to marry intelligent technology solutions with
the payment needs of businesses to deliver a sound, cohesive and comprehensive
payments experience.

Harshil
concluded stating, “As far as I can tell,
we are the only fintech company that can
manage the entire flow of money for a business in India.”

According
to a recent report on Digital Payment in India 2020, the total payment via
digital instruments is expected to touch $500 billion by 2020. To
supplement this growth, digital inclusion and sustained growth is a priority.
With payments forming the lifeline of any business, it is key to innovate and
evolve with a choice of solutions. For Razorpay, it's not just about launching a suite of products, but
about how they are bundled together to create an intrinsic value in a simplest
form to any business.